Question
Consider the following statements regarding India’s
Industrial Policy evolution: 1. The Industrial Policy Resolution of 1956 emphasized the commanding role of the private sector in core industries. 2. The 1991 Industrial Policy abolished industrial licensing for most sectors. 3. The 1991 policy led to the nationalization of several private enterprises. Which of the above statements is/are correct?Solution
Detailed Explanation: • Statement 1: Incorrect — IPR 1956 assigned public sector dominance in core industries, not private. • Statement 2: Correct — The 1991 reforms dismantled licensing (except in a few sectors like defense, atomic energy, etc.). • Statement 3: Incorrect — It encouraged privatization, not nationalization.
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